Entrepreneurship Quarter 1 – Module 1: Introduction to Entrepreneurship Entrepreneurship – Grade 12 Alternative Delivery Mode Quarter 1 – Module 1: Introduction to Entrepreneurship First Edition, 2020 Republic Act 8293, section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones Undersecretary: Diosdado M. San Antonio Development Team of the Module Writer: Editor: Reviewer: Illustrator: Layout Artist: Cover Design: Shirley E. Napana Ara A. Reyes Rose Darren G. Buenaventura Blesmae G. Verde Shirley E. Napana LRMDS-Bataan Management Team: Schools Division Superintendent Asst. Schools Division Superintendent Chief Education Supervisor, CID Education Program Supervisor, LRMDS Education Program Supervisor, AP/ADM Education Program Supervisor, TLE District Supervisor, Limay Division Lead Book Designer District LRMDS Coordinator, Limay School LRMDS Coordinator School Principal District Lead Layout Artist District Lead Illustrator District Lead Evaluator : : : : : : : : : : : : : : Romeo M. Alip, PhD, CESO V Roland M. Fronda, EdD, CESE Milagros M. Peñaflor, PhD Edgar E. Garcia, MITE Romeo M. Layug Evelyn V. Mendoza Elma P. Dizon Jenelyn D. Rivero Melbourne L. Salonga Karl Angelo R. Tabernero Marijoy B. Mendoza, EdD Printed in the Philippines by Department of Education – Schools Division of Bataan Office Address: Provincial Capitol Compound, Balanga City, Bataan Telefax: (047) 237-2102 E-mail Address: bataan@deped.gov.ph Entrepreneurship Quarter 1 – Module 1: Introduction to Entrepreneurship Introductory Message For the facilitator: Welcome to the Entrepreneurship – Grade 12 Alternative Delivery Mode (ADM) Module on Introduction to Entrepreneurship! This module was collaboratively designed, developed and reviewed by educators both from public and private institutions to assist you, the teacher or facilitator in helping the learners meet the standards set by the K to 12 Curriculum while overcoming their personal, social, and economic constraints in schooling. This learning resource hopes to engage the learners into guided and independent learning activities at their own pace and time. Furthermore, this also aims to help learners acquire the needed 21st century skills while taking into consideration their needs and circumstances. In addition to the material in the main text, you will also see this box in the body of the module: Notes to the Teacher This contains helpful tips or strategies that will help you in guiding the learners. As a facilitator, you are expected to orient the learners on how to use this module. You also need to keep track of the learners' progress while allowing them to manage their own learning. Furthermore, you are expected to encourage and assist the learners as they do the tasks included in the module. 1 For the learner: Welcome to the Entrepreneurship – Grade 12 Alternative Delivery Mode (ADM) Module on Introduction to Entrepreneurship! The hand is one of the most symbolized part of the human body. It is often used to depict skill, action and purpose. Through our hands we may learn, create and accomplish. Hence, the hand in this learning resource signifies that you as a learner is capable and empowered to successfully achieve the relevant competencies and skills at your own pace and time. Your academic success lies in your own hands! This module was designed to provide you with fun and meaningful opportunities for guided and independent learning at your own pace and time. You will be enabled to process the contents of the learning resource while being an active learner. This module has the following parts and corresponding icons: What I Need to Know This will give you an idea of the skills or competencies you are expected to learn in the module. What I Know This part includes an activity that aims to check what you already know about the lesson to take. If you get all the answers correct (100%), you may decide to skip this module. What’s In This is a brief drill or review to help you link the current lesson with the previous one. What’s New In this portion, the new lesson will be introduced to you in various ways such as a story, a song, a poem, a problem opener, an activity or a situation. What is It This section provides a brief discussion of the lesson. This aims to help you discover and understand new concepts and skills. What’s More This comprises activities for independent practice to solidify your understanding and skills of the topic. You may check the answers to the exercises using the Answer Key at the end of the module. What I Have Learned This includes questions or blank sentence/paragraph to be filled in to process what you learned from the lesson. What I Can Do This section provides an activity which will help you transfer your new knowledge or skill into real life situations or concerns. 2 Assessment This is a task which aims to evaluate your level of mastery in achieving the learning competency. Additional Activities In this portion, another activity will be given to you to enrich your knowledge or skill of the lesson learned. This also tends retention of learned concepts. Answer Key This contains answers to all activities in the module. At the end of this module you will also find: References This is a list of all sources used in developing this module. The following are some reminders in using this module: 1. Use the module with care. Do not put unnecessary mark/s on any part of the module. Use a separate sheet of paper in answering the exercises. 2. Don’t forget to answer What I Know before moving on to the other activities included in the module. 3. Read the instruction carefully before doing each task. 4. Observe honesty and integrity in doing the tasks and checking your answers. 5. Finish the task at hand before proceeding to the next. 6. Return this module to your teacher/facilitator once you are through with it. If you encounter any difficulty in answering the tasks in this module, do not hesitate to consult your teacher or facilitator. Always bear in mind that you are not alone. We hope that through this material, you will experience meaningful learning and gain deep understanding of the relevant competencies. You can do it! 3 What I Need to Know This module was designed and written to help you understand the key concepts, underlying principles, and core competencies in Entrepreneurship. At the end of this module, you are expected to: a. identify the relevance of learning Entrepreneurship; b. define personal entrepreneurial competencies and skills; and c. explore job opportunities for Entrepreneurship as a career. What I Know 1. 2. 3. 4. 5. A. Read and answer each question by writing the letter that corresponds to your answer in your notebook. Which among the following benefit from entrepreneurship? a. Filipino entrepreneurs c. Philippine economy b. local community d. all of the above Which of the following does not define entrepreneurship? a. art c. wealth creating b. science d. risk taking Which of the following first benefit from entrepreneurship? a. Filipino entrepreneurs c. Philippine economy b. local community d. all of the above Which of the following is not true about the benefit of entrepreneurship to the local community? a. It provides employment. b. It creates new demand in the market. c. It promotes peaceful community. d. It hastens economic failure. Which is the end result of paying taxes? a. It burdens small scale entrepreneurs. b. It promotes competition among business ventures. c. It causes the increase on prices of raw materials. d. It returns to the citizens through different public services. 4 6. How does an entrepreneur create value for his/her products or services? a. by increasing the price of the product or service. b. by giving products and service for free to those who are in need. c. by satisfying the needs and wants of the customers. d. by focusing on product packaging. 7. Which of the following will be an entrepreneur's reaction to risk? a. Avoid the risk. b. Face the risk. c. Pause and wait for the problem to solve itself before continuing operations. d. Invest on other products or services. 8. Which of the following shows intrapreneurship? a. production or modification of new products or services b. managing one's own business c. creating product value d. leaving the management of the business to other people for the benefit of the owner 9. Which is NOT an advantage of learning intrapreneurship? a. It cultivates creativity. b. It increases the risk in starting a business. c. It boosts young entrepreneurs in starting their own business venture. d. It helps acquire core business concepts. B. Match the following entrepreneurial skills/competencies in column A with its definition in column B. Write the letter that corresponds to your answer in your notebook. A 10. 11. 12. 13. 14. 15. B hardworking creative disciplined committed planning decision making a. solid dedication b. strategic thinking c. wise judgement d. always looking for something new e. working diligently f. belief in oneself g. urge to fight temptation 5 Lesson 1 Introduction to Entrepreneurship As a senior high school student, each one of you has a specific road to take characterized by the strand you selected based on your individual inclinations. However, any skill can be enhanced if you have the will to acquire new learnings. This “new normal” brings out the worst and best in us and we cannot predict what the future holds. Thus, being creative and innovative is significant to get along with the 21st century and studying Entrepreneurship is an excellent foundation in developing these skills. What’s In Share your experience by writing a short essay on any business venture had before. Use the following guide questions. 1. What particular product/service did you offer? 2. What was your reason in choosing the business venture you were into? 3. What were the challenges or problems you encountered during the business implementation? 4. What are the key learnings you had from your business experience? 5. Given the opportunity, are you going to engage into another business venture? 6 What’s New I believe you heard at least a version of the race story of "The Turtle and the Rabbit" Now you will read a new version of the story. Focus on each twist in the story and answer the questions that follow. Long long time ago, a rabbit and a turtle argued on who is faster between them. Nobody wanted to be the inferior one so they agreed to have a race to settle the issue. They agreed on a route and started running. The rabbit ran fast and had a huge advantage. After few moments, he paused and checked where his opponent was. He was far from the turtle that he can’t even see him from his position. He decided to rest under a tree but unfortunately fell asleep. The turtle kept on walking, and passed by the rabbit. He reached the finish line even before rabbit woke up. The turtle won the race. The rabbit was so disappointed with himself. He now realized that with the ability he possessed, there is no chance that the turtle will beat him. So he challenged the turtle again to for a second round. As the go signal was given, the rabbit ran with all his might without stopping. This time, he won the race. The turtle did some thinking about what happened. He knew that there is a zero chance for him to beat the rabbit with the route that they formatted for the race. He challenged the rabbit for a third round but he would be the one to decide on the route that they would take. Without hesitation, the rabbit agreed. The rabbit ran confidently, until he reached a river. He can’t swim and the finish line is at the other side of the river. While he was thinking of what to do, the turtle came. The turtle swam to the opposite bank, continued walking until he reached the finish line. The turtle again won the third race. 7 After three rounds of challenging each other, the two became friends and they both realized that the outcome of the race could have been much better if they will run together. So, they decided to have a final race together. The rabbit carried the turtle on his back on the first lap, then, the turtle carried the rabbit on his back as they pass through the river. On the final phase, the rabbit again carried the turtle towards the finish line. They were very happy when they reached it and felt more victorious that they had in the previous races they ran individually. That was how the story ended. Answer the following: 1. What is the ending of the first chapter of the story? Is it the same as what you've heard before? 2. What happened in each succeeding chapter of the story? 3. Do you think the turtle was wise enough on his decision on the third round? 4. Which part of the story had an impact on you? 5. What is the moral of the story? What have you realized after reading the story? 8 What is It In the story, it is worthwhile to take it from the turtle’s technique. Each one of us has a competency that we can use as our advantage. A thorough discussion of what these competencies are will be discussed in this module. But first, let us define an entrepreneur. The term entrepreneur was derived from “entreprendre”, a French word which means “to undertake” (Aduana, 2016). Entrepreneurs are innovative opportunity seekers. They create value by introducing new products or services or finding better ways of making them. They are not the same with ordinary businessmen whose major goal is to gain profit by producing, buying, and selling of products. On the other hand, the term entrepreneurship is an art of observing correct practices in managing and operating a self-owned wealth creating business enterprise by providing goods and services that are valuable to the customers (Aduana, 2016). Why do we need to study Entrepreneurship? It is a common thinking among Filipinos to study hard, finish a degree and get a good-paying job. Whether it is after SHS or after college, there is no harm in aiming to get a diploma, but the opportunities offered by learning Entrepreneurship cannot be undermined. Five Salient Features of Entrepreneurship (Aduana, 2016) 1. Art of Correct Practices Entrepreneurship is an art and not a science thus, there is a constant change; it continuously grows, develops, improves and expands. As an art, it is closely related to creativity that contributes to the enhancement of the enterprise. Entrepreneurship education teaches how failure makes people more creative and innovative. 9 The current situation we are in gave birth to many opportunities. Food businesses that used to be for dine-in purposes only evolved into food service deliveries and DIY (Do IT Yourself) food kits to name a few. 2. Wealth creating venture How are you going to define wealth? Although profit is a good indication of wealth, improving the life of an entrepreneur in terms of economic, financial, social, moral and psychological aspects are also priceless outcomes of entrepreneurship. Conscious Canvas PH creates lovely and well-crafted tote bags that are ideal for everyday use made by persons with disabilities (PWDs). What is commendable with this business venture is that 10% of its profits goes to para-athletes. More than the profit it brings about, loyalty of its workers and admiration from other people in the community is the real return of investment of this venture. 3. Providing values to customers Products and services are considered valuable when they satisfy the needs and wants of the customers. It also gives the buyers reason to purchase your product over and over again and even refer it to others. Adding armrests on the chairs of the wooden dining sets will result to additional materials and time spent on making a product thus increasing the cost of production. If a customer does not find this necessary, this product modification will not bring any benefit to the entrepreneur. 10 4. Opening and managing self-owned business Businesses which are managed by other people for the benefit of the owner falls under intrapreneurship. Entrepreneurship is different from intrapreneurship. The concept of entrepreneurial endeavor may range from a small sari-sari store up to multimillion companies as long as the business is managed by the owner himself. A cakeshop manager who works for the store owner and receives a monthly salary cannot be considered an entrepreneur despite that she is handling a business. All profits go to the owner (who just wait for the remittance of the sales) himself and the manager is merely an employee. 5. Risk taking venture Risk is a part of any entrepreneurial endeavor. A good entrepreneur does not avoid risks, rather face them by analyzing the risks and good decision-making skills for the survival of the venture. The pandemic caused many business establishments to cease operations and this had a huge impact on the sales of business ventures. Some entrepreneurs resort to online selling of their products as to not fully stop their ventures and have an alternative way of gaining profit during this situation. 11 Entrepreneurship affects the lives of the Filipinos, the local community, and the Philippine economy in one way or another. The diagram below shows the flow of entrepreneurial benefits. As shown in the diagram, the first to benefit from entrepreneurship are the Filipino entrepreneurs or the people who are directly involved with the venture. These benefits will then be extended to the local community where the entrepreneur performs his business. The benefits the community received will transcend to the national economy which in turn will be given back to the Filipinos and the community. According to Aduana (2016), entrepreneurship makes the following contributions to the lives of the Filipinos, the local community and the Philippine economy: To the Filipinos: 1. It gives guidelines in the entrepreneur’s wealth creating undertakings. 2. It aids in improving financial and social life. 3. It helps expand their creativity. 4. It brings about happiness, productiveness and success in entrepreneur’s life. 12 To the Local Community: 1. It offers opportunity for employment in the community. 2. It produces new demand in the market. 3. It contributes to increase in tax collection. 4. It accelerates the movement of different factors of production. 5. It gives birth to new business opportunities. 6. It promotes a harmonious and loving community. 7. It boosts constructive competition. To the Philippine Economy 1. It promotes competitiveness, thus challenging entrepreneurs to continue improving their products and services. 2. It aids in identifying an entrepreneurial niche in the international market. 3. It helps speed up economic recovery process of the country during financial turmoil or breakdown. 4. It facilitates ease of money flow in the local market. 13 5. It supports the Philippine government in its yearning to have advantageous economic ratings in the international market. Read and analyze the given example. Mr. Juan Dela Cruz, a resident of Bagac, Bataan saw opportunity to sell cashew products due to the great amount of cashew produced in their municipality. He started to sell homemade products online and when the business grew, he decided to put up a physical store for his products. He applied for a barangay business certificate and Mayor’s Permit and registered his business name to DTI. He also processed, paid, and complied with all the documentary requirements and fees in opening a business with BIR. Since the business grew, he bought equipment and materials to make the production more efficient from a local supplier. He also hired two workers from their barangay to have his store fixed to be ready for operations. He also closed a deal with local cashew farmers in their municipality for the raw materials for his products. He also hired employees for his business: two for the production of the products and one saleslady who will take care of the sales in his store. At the end of the year, he had earned a good profit enough for him to purchase a house and lot, but he did not forget to pay the annual income tax to BIR. Mr. Dela Cruz, as the entrepreneur was enriched with properties (house and lot) because of his business venture. The local cashew farmers alongside the employees had a living for supplying raw materials and working with Mr. Dela Cruz respectively. The local equipment supplier and the workers hired for fixing the store also had income. The local government collected local taxes from Mr. Delacruz while the national government, through BIR, collected an annual income tax. The taxes accumulated by both local and national government will be utilized for public services such as healthcare, education, security, road constructions and the like. Now, back to the story you’ve read, let us discuss significant factors for the success of an entrepreneur. Personal Entrepreneurial Competencies refer to the important characteristics that should be possessed by an individual in order to perform entrepreneurial functions effectively. 14 So, what are these Personal Entrepreneurial Competencies or PEC’s? Let us explore together and have a peek on success stories of some known entrepreneurs. 1. Hardworking. Being a hardworker means habitually working diligently for long period of hours. We have this saying in Filipino, “ginagawang gabi ang umaga, at umaga ang gabi” Let us take Henry Sy as an example. He came from a poor family in China who came to the Philippines to try their luck here. They built a store but was burnt down during WWII. He saw an opportunity to earn from selling used combat shoes and goods from American soldiers. He even worked for 12 hours a day at the age of 12 just to earn for their family. But all hardwork paid off as we’ve seen on the success of SM Malls today making their family the wealthiest in the country. 2. Self-confident. It is also important that as an entrepreneur, one must believe oneself more than anybody else. A farmer's son, Diosdado Banatao, grew up in a rural area in Cagayan Valley. In their place, students usually stop studying after 6th grade but his father pushed him to continue despite the fact that he needed to be away from his family. He graduated at Stanford University where at first he felt inferior with his classmates, thus making him study twice as hard as the others. He saw an opportunity to develop microchips and started to build a company but failed. “No one told me I could do it; I have to tell myself that I could”, he said. So, he tried again and this time, he succeeded. He invented the first 16-bit chip, the ones that we can find in most computers today. At present, more compact and higher capacity processing chips are available but if not for his invention, the world we know today might be quite different. 15 3. Disciplined. The urge to fight temptation is very important. They said it is easy to spend money you did not worked hard for. Sometimes, when we start to earn, we are tempted to buy things that are not really needed. A good entrepreneur does not ask himself the question, “What will I buy with my money?” but ask, “Where will I invest my money to earn more money?” instead. Founder of Mang Inasal (Mr. Barbeque in Ilonggo), Edgar Sia started at a parking lot in Iloilo City. His food business was a blast and caught the attention of Tony Tan Caktiong of Jollibee Food Corporation. Caktiong bought a portion of Mang Inasal for a total of five billion pesos. Sia, instead of living a one-day billionaire life, decided to invest his money to banking and healthcare thus, making him the youngest Filipino billionaire at the age of 34. 4. Committed. Commitment is characterized by solid dedication. Socorro Ramos, the founder of National Bookstore literally showed commitment by overcoming her relationship challenges to start with. Business wise, her solid dedication can be seen on how she stood still despite the challenges their bookstore faced, from typhoon to fire. Otherwise, we will not be seeing this book and school supplies store today. 16 5. Ability to accept change. This is synonymous to being openminded or readiness to try different things or to hear and consider fresh ideas. We often hear this among networking businesses: “Openminded kaba?”. As said many times, “Change is the only constant in this world” so they say that “forever does not exist”. In business world, capitalizing on positive changes will help a business survive and even prosper. Let us learn from the founder of our all-time kids-at-heart favorite, “Kung saan, beeda and saya”, Jollibee! Tony Tan Caktiong, started an ice cream store in 1975. His store was not generating enough income. So, he talked to the people and decided to add some to his menu offering based on their suggestions. And those are the burgers and fries (too many to mention), that we love today. 6. Creative. This is what will make you stand out and go over your competitors. As an entrepreneur, we must look beyond and check what is new, to stay in the business to have an edge over the other competitors. Toothpaste used to be on aluminum tubes. Cecilio Kwok Pedro was the former head of Aluminum Container Inc., which manufactured aluminum toothpaste containers for Procter and Gamble, Uniliver (used to be Philippine Refining Company, and Colgate-Palmolive. Eventually, due to environmental issues, his clients decided to shift to plastic-laminated containers causing his company to fail and close in 1986. He built Lamoiyan Corporation and produced similar product with half-price than that of his competitors. To target the young market, he featured Sesame Street’s characters on the packaging of his children’s toothpaste alongside with Filipino-touched Hapee and Kutitap. 17 7. Has Initiative. This is to put oneself in a position where one is personally is responsible for the failure or success of the business. Seeing what is needed, Corazon D. Ong who is a dietician by profession, started preparing “healthier” options for those who cannot avoid having canned or frozen goods for food. CDO corned beef, CDO Ulam Burger and others are some of the many offerings of the CDO Foodsphere. Wondering why it is named CDO? Of course, from its founder’s name! Now what will you name your product? 8. Profit-oriented. A good entrepreneur must make sure that the business will generate income. We do not put up a business just to get tired the whole day without getting anything in return. Somehow different from other success stories, John Gokongwei is a “richto-rags-to-riches” He was born from a rich family but when his father died, so did their business. He worked for his family by peddling products in the streets. Eventually, he learned trading by boat from Lucena to Manila by truck. After some time, he realized that importing brought about high risk and low profitability. Thus, he borrowed Php 500,000 from China Bank in 1957 and began a corn milling industry named Universal Corn Products, the one known today as Universal Robina Corporation. He even extended his company into diversified businesses as to expand his net including Robina Land Corporation and Cebu Pacific. 18 Aside from these competencies, there are also significant skills that an entrepreneur must possess. They are as follows: Important Skills of an Entrepreneur 1. Planning. This is strategic thinking and setting of goals to achieve objectives by carefully maximizing all the available resources. Gregorio Sanchez who was a provincial boar member in Cebu observed that the pigs sold in the market are malnourished. He wanted to improve the quality of the livestock, so he decided to identify the cause by conducting experiments using only pans and pots he has at home. After several failures, he finally found out that bad bacteria caused the problem. This led to the development of LactoPAFI probiotic bacteria that soon was known not only in their province but also nationwide and even worldwide. 2. Decision Making. One decision may make or break a business, thus making this a crucial one. It is the ability to think quickly and make a wise judgment towards the pre-determined set objectives. Manuel “Manny” Villar for instance will not have the Vista Malls and Camella Homes we have today if he did not make wise judgments on his endeavors as a businessman. He applied for bank loans and made the right decisions on where and when to invest, making him one of the wealthiest Filipinos today. 19 3. People Skills. Doing business is not a one-man team endeavor. From people working for you and with you, to those you make deal with and even your competitors. In relation to the story we’ve read, it is good to be individually brilliant but still, there are things that others can do better than you. Many successful entrepreneurs know how to show their gratefulness for the blessings they have received by being blessings to others. Diosdado Banatao and PhilDev offer scholarships to poor yet deserving students so that they do not have to stop studying; Tony Tan Caktiong and Busog Lusog Talino which focused on meeting the nutritional needs of public-school students; and many others. Cecilio Kwok Pedro is not different to these entrepreneurs, because he decided to choose hearing impaired to work for his company. This gave the deafmutes an opportunity to earn, and in return Cecilio gained their utmost respect and gratitude. This inspired his workers to do their best and at the same time, inspired not only fellow Filipinos but other nationalities as well. Now, can you see yourself as one of these entrepreneurs? What will be the possible ways on how you can start your road to millions? According to London School of Economics (cited by Edralin, 2016) those with entrepreneurial aspirations typically pursue one of these career paths: 1. New Venture Creation You can be your own boss! Starting as a small business owner, partnering with an existing business or focusing on a technology or research for commercialization. 20 2. Careers in Existing Entrepreneurial Ventures Still trying to have a deeper understanding of the ways of business while being employed? Having knowledge about entrepreneurship plus being a digital native gives you an edge to attract institutions to share your up-to-date knowledge on market trends for innovative strategies of companies. Working with start-ups, business incubator or accelerators, and corporate entrepreneur in a company are good opportunities for expanding your horizon. After undergoing this course and you feel like not starting your own business yet, all your learnings and skills acquired will not go to waste. These job opportunities need people like you and may be good leadership training grounds if ever you decide to go on your own. (American Express) 1. Mid-level management Be in-charge of the execution of business ideas in big companies. 2. Business consultant Identify and fix problems for both aspiring and young entrepreneurs 3. Sales Representing a firm, handling accounts, and visiting clients in the field are some of the tasks for this job. 4. Research and development Solving problems by working in a R&D firm should be armed with an understanding of the what’s and how’s of the business 5. Not-for-profit fundraiser Raising funds for various groups or organizations for different causes is comparable to accomplishing a business task and creating a good communication network. 21 6. Teacher One may impart knowledge to the young generation by integrating the importance of entrepreneurship while teaching other subjects. For example, learning the importance of Math in business, reviewing history as basis of innovation and enhancing language skills to improve marketing strategies. 7. Recruiter Work at Human Resources (HR) department as someone who has knowledge in management, leadership, and other significant characteristics in selecting people who will be joining a company. 8. Business reporter Having an understanding about the field will give one an advantage in writing articles or being in a broadcast team to make a business section or program more knowledgeable and interesting. What’s More Solve the crossword puzzle below by supplying the correct PEC’s. 22 What I Have Learned Answer the following questions to encapsulate what we have learned in this module. Write your answers in your notebook. 1. Explain the importance of entrepreneurial activities to social development and economic progress 2. What are the entrepreneurial activities that you know and capable of doing which are related to the strand you are enrolled in? 3. Given the opportunity to own a business that is related to your strand, would you be confident in managing it? Explain your answer. 4. What do you think are the most important competencies you must possess in order to be successful in running your chosen business? 5. Name successful entrepreneurs from your area whose business is related to your current strand. Be able to identify their PEC’s that made them successful. What I Can Do Using the PEC’s checklist below, evaluate yourself by putting a check mark in either strength or development areas column. Interpret the results by counting the total number of checkmarks in each of the columns. After accomplishing the checklist, reflect on the results and write down your insights and experiences why you came up with that personal assessment. Personal Entrepreneurial Competencies and Skills of an Entrepreneur Hardworking Personal Assessment in terms of: Strengths Self confidence Discipline Committed Ability to accept change Creative Profit oriented Planning People skills Decision making 23 Development Areas Assessment A. Fill in the blank with word/s that will make each concept true. 1. The Filipino people, _______________, and the Philippine economy benefit from entrepreneurship. 2. The term entrepreneur originated from the French word “entreprende” which means ____________. 3. Entrepreneurs create _________ by introducing new products or services or finding better ways of making them. 4. Products and services are considered valuable when they satisfy the _________ of the customers. 5. Entrepreneurship is a/n _________ and not a science thus there is a constant change. 6. Entrepreneurship education teaches how failure makes people more ________ and innovative. 7. Although profit is a good indication of _________, improving the life of an entrepreneur is also a priceless outcome of entrepreneurship. 8. Businesses which are managed by other people for the benefit of the owner falls under _________ 9. _________ is a part of any entrepreneurial endeavor. 10. The taxes accumulated by both local and national government will be utilized for _________ B. Identify the PEC’s shown in each situation. 11. Henry Sy, Sr. came to the Philippines at the young age of 12 and worked in his father’s small sari-sari store more than 12 hours every day to help him. There, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets. 12. In 2013, Netflix progressed exceptionally well under the leadership of CEO Reed Hastings, who co-founded the company as a mail order movie rental business in 1998. Over the years, Netflix has, of course, evolved into an indemand internet streaming company. 24 13. Founders of Procter and Gamble, William Procter and James Gamble used to compete with raw materials: animal oil and fat. Procter is a candle maker while his brother-in-law, Gamble was a soap maker. They were advised by their father-in-law to merge their businesses. They followed his advice and that was how one of the largest and most successful company was born. 14. Two years after Tony Caktiong started his ice cream parlor franchise, he decided to serve hamburgers, fried chicken, and spaghetti as people began to tell him that they don’t want to eat ice cream all the time. 15. Starbucks is a master of employing value-based pricing to maximize profits, and they use research and customer analysis to formulate targeted price increases that capture the greatest amount consumers are willing to pay without driving them off. Additional Activities A. Read and answer each item. Match the entrepreneurial competencies in column A with their definition in column B. Write only the letter that corresponds to your answer on your notebook. A B 1. creative a. make a wise decision toward the set objectives 2. profit-oriented b. strategic thinking and setting of goals 3. discipline c. trust in one's ability 4. decision making d. adaptable to change 5. people skills e. innovative to have edge over other competitors 6. planner f. solid dedication 7. self-confidence g. skillful in record keeping 8. hard working h. Always stick to the plan 9. ability to accept change i. working diligently 10. committed j. effective and efficient communication in relation to people k. always looking for income 25 B. Choose a local entrepreneur you know (Can be someone from the community or someone you have known through social media) and supply the needed information in the table below. On the other hand, fill the second row with your own PEC’s. PEC’s Characteristics Attributes Lifestyles Skills Traits Successful entrepreneur in the place My PEC’s Rubrics for Assessing Open-ended Questions Excellent: 5pts Ideas The answer is clear and focused. Relevant details were given. Organization The structure of information is compelling and moves the reader through the text. Presentation The form and presentation of the answer enhances the ability for the reader to understand and connect with the message. It is pleasing to the eye. Average: 3pts. The answer is understandable, even though statement is still basic or general. The organizational structure is strong enough and there is not too much confusion. The answer is understandable in this format. 26 Needs Improvement: 2pts. Answer is not welldefined and/or there are too many irrelevant details. Sentences contained in the paragraphs make sense, but the sequence of paragraphs does not. The answer is only seldom understandable, and paper is messily written. 27 Additional Activities: A. may vary 10. F 5. J 9. D 4. A 8. I 3. H 7. C 2. K 6.B 1. E B. Answers Assessment: 1. 2. 3. 4. 5. What’s More: 1. 2. 3. 4. 5. local community 6. creative 11. hardworking to undertake 7. wealth 12. creative value 8. Intrapreneurship 13. peopleskill needs/wants 9. risk 14. openminded art 10. Public service 15. profitoriented What’ More: 1. 2. 3. 4. 5. b c d e a planner 6. profitoriented decision making 7. creative disciplined 8. peopleskill hardworking 9. selfconfident committed 10. openminded What I Can Do: Answer s may vary. What I Know: What’s I Have Learned: What’s New: What’s In: Answer s may vary. Answers may vary. Answers may vary. 1. 2. 3. 4. 5. d b a d d 6. c 7. b 8. d 9. b 10. E 11. 12. 13. 14. 15. d g a b c Answer Key References Aduana, Nick L. (2016). Entrepreneurship in Philippine Setting for Senior High School. Quezon City. C&E Publishing, Inc. American Express. https://www.americanexpress.com/en-us/business/trendsand-insights/articles/8-jobs-you-can-get-with-an-entrepreneurship-degree/ DepEd (2016). Technical-Vocational Livelihood Education – Cookery Module 2 Manual. London School of Economics and Political Science. https://info.lse.ac.uk/currentstudents/careers/resources/employment-sectors/entrepreneurship Go Josiah and Go Chiqui E. (2010). Fundamentals of Marketing in the Philippine Setting (2nd Edition). Josiah and Carolina Go Foundation, Inc. Manarang, Roel (n.d.) Top 10 Successful Entrepreneurs in the Philippines Story. Tycoon. https://tycoon.ph/top-10-successful-entrepreneurs-philippines-story/ Morato, Eduardo Jr. (2016). Entrepreneurship. Quezon City. Rex Bookstore. Ng, Novan. (2011). The POWER of a TEAM - Together Everyone Achieves More - The Rabbit and Turtle Modern Race Story. Youtube Video. https://www.youtube.com/watch?v=xevQ2yTyK9Y Ezez. 2020. Image. http://Excerpts from Youtube video The POWER of a TEAM - Together Everyone Achieves More - The Rabbit and Turtle Modern Race Story. (Ng, 2011). 28 For inquiries or feedback, please write or call: Department of Education – Region III, Schools Division of Bataan - Curriculum Implementation Division Learning Resources Management and Development Section (LRMDS) Provincial Capitol Compound, Balanga City, Bataan Telefax: (047) 237-2102 Email Address: bataan@deped.gov.ph 29